articles Ratings /ratings/en/research/articles/220607-issuer-ranking-ranking-north-american-non-life-insurers-strongest-to-weakest-12401236 content esgSubNav
In This List
COMMENTS

Issuer Ranking: Ranking North American Non-Life Insurers, Strongest To Weakest

COMMENTS

Tariffs Put European Re/Insurance Ratings To The Test

COMMENTS

Credit FAQ: How We Use IFRS 17 Accounting Metrics In Our Analysis Of Insurers And Re-Insurers

COMMENTS

Cyber Risk Insights: Cyber Catastrophe Bonds Offer Greater Scope For Risk Mitigation

COMMENTS

Credit FAQ: How Hybrid Capital Innovations Affect Our View Of Equity Content


Issuer Ranking: Ranking North American Non-Life Insurers, Strongest To Weakest

S&P Global Ratings has retained a stable outlook on the North American property/casualty (P/C), bond, mortgage, and title insurance sectors in 2022, while the global reinsurance sector remains on negative outlook. Capital strength continues to be the leading pillar supporting the credit quality of many North American non-life insurers. We expect our rated insurers will maintain underwriting discipline, effective exposure management, and higher asset quality with minimal changes to duration to navigate rising claims inflation, natural catastrophes, market volatility, and a rising interest rate environment. Differences in underwriting performance were tied to the risk exposure and concentration in certain perils and geographies.

In 2022, we expect that share buy-backs may moderate due to the impact of rising interest rates on the valuation of fixed income portfolios and the consequent downward pressure on shareholders' equity. Merger and acquisition activity will again likely remain cautiously selective as companies pursue product and geographic diversification and scale opportunities to bolster market presence. Organic growth in 2022 will likely be similar to the prior year as rate increases continue. As interest rates rise, investment yields and investment income will begin improving.

We have listed all of our publicly rated non-life companies in the nonlife insurance space (P/C, reinsurance, mortgage, bond, and title insurance) from strongest to weakest based on financial strength rating and outlook as of June 1, 2022. Companies with the same rating and outlook are further listed alphabetically. Ratings are displayed as long-term rating/outlook or on CreditWatch.

Table 1

North American Property/Casualty Insurers And Reinsurers
Company Business risk profile Competitive position Financial risk profile Capital and earnings Risk exposure CRA SACP Group support Financial strength rating Holding company rating Outlook

Berkshire Hathaway Insurance Group

Very Strong Excellent Very Strong Excellent Moderately High 1 aa+ 0 AA+ AA Stable

United Services Automobile Association

Very Strong Excellent Excellent Excellent Moderately Low 1 aa+ 0 AA+ AA Stable

Chubb Ltd.

Very Strong Excellent Very Strong Very Strong Moderately Low 0 aa 0 AA A Stable

Progressive Corp.

Very Strong Very Strong Excellent Excellent Moderately Low 0 aa 0 AA A Stable

State Farm Mutual Automobile Insurance Co.

Very Strong Excellent Excellent Excellent Moderately Low 0 aa 0 AA NR Stable

The Travelers Cos. Inc.

Very Strong Excellent Excellent Excellent Moderately Low 0 aa 0 AA A Stable

Allstate Corp.

Very Strong Excellent Very Strong Very Strong Moderately Low 0 aa- 0 AA- A- Stable

Alleghany Corp.

Strong Strong Strong Excellent High 1 a+ 0 A+ BBB+ CW Positive

ACUITY a Mutual Insurance Co.

Strong Strong Excellent Excellent Moderately Low 0 a+ 0 A+ NR Stable

American Financial Group Inc.

Strong Strong Very Strong Very Strong Moderately Low 0 a+ 0 A+ BBB+ Stable

Cincinnati Financial Corp.

Strong Strong Very Strong Excellent Moderately High 0 a+ 0 A+ BBB+ Stable

CNA Financial Corp.

Strong Strong Very Strong Excellent Moderately High 0 a+ 0 A+ A- Stable

Everest Re Group Ltd.

Very Strong Very Strong Satisfactory Very Strong High 0 a+ 0 A+ A- Stable

Factory Mutual Insurance Co.

Very Strong Very Strong Strong Excellent High 0 a+ 0 A+ NR Stable

Hartford Financial Services Group Inc.

Very Strong Very Strong Strong Very Strong Moderately High 0 a+ 0 A+ BBB+ Stable

Nationwide Mutual Insurance Co.

Very Strong Very Strong Strong Very Strong Moderately High 0 a+ 0 A+ BBB+ Stable

Old Republic International Corp.

Strong Strong Very Strong Excellent Moderately High 0 a+ 0 A+ BBB+ Stable

PartnerRe Ltd.

Very Strong Very Strong Strong Excellent High 0 a+ 0 A+ A- Stable

RenaissanceRe Holdings Ltd.

Very Strong Very Strong Strong Excellent High 0 a+ 0 A+ A- Stable

W.R. Berkley Corp.

Strong Strong Very Strong Very Strong Moderately Low 0 a+ 0 A+ BBB+ Stable
American International Group and P/C subs Very Strong Very Strong Strong Very Strong Moderately High 0 a+ 0 A+ BBB+ Negative

Arch Capital Group Ltd.

Strong Strong Very Strong Very Strong Moderately Low 0 a+ 0 A+ A- Negative

AXIS Capital Holdings Ltd.

Strong Strong Very Strong Excellent Moderately High 0 a+ 0 A+ A- Negative

American Family Mutual Insurance Co. S.I.

Strong Strong Strong Very Strong Moderately High 0 a 0 A BBB Stable

Assurant Inc.

Strong Strong Strong Very Strong Moderately High 0 a 0 A BBB Stable

Fairfax Financial Holdings Ltd.

Very Strong Very Strong Satisfactory Strong Moderately High 0 a 0 A BBB Stable

Farmers Insurance Exchange

Strong Strong Fair Satisfactory Moderately High 0 bbb 3 A NR Stable

Horace Mann Educators Corp.

Strong Strong Strong Very Strong Moderately High 0 a 0 A BBB Stable

Kemper Corp.

Strong Strong Very Strong Very Strong Moderately Low 0 a 0 A BBB Stable

Liberty Mutual Group Inc.

Very Strong Very Strong Satisfactory Strong Moderately High 0 a 0 A BBB Stable

Markel Corp.

Strong Strong Strong Strong Moderately Low 0 a 0 A BBB Stable

Oil Insurance Ltd.

Satisfactory Satisfactory Excellent Excellent Moderately Low 0 a 0 A NR Stable

RLI Corp.

Strong Strong Strong Strong Moderately Low 0 a 0 A BBB Stable

Selective Insurance Group Inc.

Strong Strong Strong Very Strong Moderately High 0 a 0 A BBB Stable

The Hanover Insurance Group Inc.

Strong Strong Strong Very Strong Moderately High 0 a 0 A BBB Stable

Associated Electric & Gas Ins. Services Ltd.

Strong Strong Satisfactory Strong Moderately High 0 a- 0 A- NR Positive

Fidelis Insurance Holdings Ltd.

Strong Strong Strong Excellent High 0 a- 0 A- BBB Positive

Co-operators Financial Services Ltd.

Strong Strong Strong Very Strong Moderately High 0 a- 0 A- BBB Stable

Greater New York Mutual Insurance Co.

Satisfactory Satisfactory Strong Very Strong Moderately High 0 a- 0 A- NR Stable

Lancashire Holdings Ltd.

Strong Strong Strong Excellent High 0 a- 0 A- BBB Stable

Argo Group International Holdings Ltd.

Strong Strong Strong Very Strong Moderately High 0 a- 0 A- BBB- Negative

Pinnacol Assurance

Fair Fair Strong Very Strong Moderately High 0 bbb+ 0 BBB+ NR Stable

R.V.I. Guaranty Co. Ltd.

Satisfactory Satisfactory Strong Very Strong Moderately Low 0 bbb+ 0 BBB+ NR Stable

American Steamship Owners Mutual P&I Assoc. Inc.

Satisfactory Satisfactory Marginal Fair Moderately High 1 bbb- 0 BBB- NR Negative

Hochheim Prairie Farm Mutual Insurance Assn.

Fair Fair Weak Marginal Moderately High 0 b+ 0 B+ NR Stable

Enstar Group Ltd.

Strong Strong Satisfactory Very Strong High 0 a- 0 NR BBB Positive

Finial Holdings Inc.

Fair Fair Strong Very Strong Moderately Low 0 bbb+ 3 NR BBB+ Stable

ProAssurance Corp.

Satisfactory Satisfactory Fair Satisfactory Moderately High 0 bbb 0 NR BB Negative
NR--Not rated. Ratings as of June 1, 2022. Source: S&P Global Ratings.

Table 2

North American Mortgage Insurers
Company Business risk profile Competitive position Financial risk profile Capital and earnings Risk exposure CRA SACP Group support Financial strength rating Holding company rating Outlook

Sagen MI Canada Inc. (f/k/a Genworth MI Canada Inc.)

Strong Strong Excellent Excellent Moderately Low 0 a+ 0 A+ BBB+ Stable

Essent Guaranty Inc.

Satisfactory Satisfactory Satisfactory Satisfactory Moderately Low 0 bbb+ 0 BBB+ NR Stable

MGIC Investment Corp.

Satisfactory Satisfactory Satisfactory Satisfactory Moderately Low 0 bbb+ 0 BBB+ BB+ Stable

Radian Group Inc.

Satisfactory Satisfactory Satisfactory Satisfactory Moderately Low 0 bbb+ 0 BBB+ BB+ Stable

Enact Mortgage Insurance Corp.

Satisfactory Satisfactory Satisfactory Satisfactory Moderately Low 0 bbb 0 BBB BB Positive

NMI Holdings Inc.

Satisfactory Satisfactory Fair Satisfactory Moderately High 0 bbb 0 BBB BB Positive

Genworth Financial Inc.

Satisfactory Satisfactory Fair Satisfactory Moderately High 0 N/A 0 NR B+ Positive
N/A--Not applicable. NR--Not rated. Ratings as of June 1, 2022. Source: S&P Global Ratings.

Table 3

North American Bond Insurers
Company Business risk profile Competitive position Financial risk profile Capital and earnings Risk exposure CRA SACP Group support Financial strength rating Holding company rating Outlook

Assured Guaranty Ltd.

Very Strong Very Strong Very Strong Excellent Moderately High 0 aa 0 AA A Stable

Build America Mutual Assurance Co.

Very Strong Very Strong Very Strong Excellent Moderately High 0 aa 0 AA NR Stable
NR--Not rated. Ratings as of June 1, 2022. Source: S&P Global Ratings.

Table 4

North American Title Insurers
Company Business risk profile Competitive position Financial risk profile Capital and earnings Risk exposure CRA SACP Group support Financial strength rating Holding company rating Outlook

Fidelity National Financial Inc.

Strong Strong Very Strong Very Strong Moderately Low 0 a 0 A BBB Stable

First American Financial Corp.

Satisfactory Satisfactory Very Strong Very Strong Moderately Low 0 a- 0 A- BBB- Stable
Ratings as of June 1, 2022. Source: S&P Global Ratings.

This report does not constitute a rating action.

Primary Credit Analyst:Megan O'Dowd, New York +1 2124381202;
megan.odowd@spglobal.com
Secondary Contacts:Patricia A Kwan, New York + 1 (212) 438 6256;
patricia.kwan@spglobal.com
John Iten, Princeton + 1 (212) 438 1757;
john.iten@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in